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Crisis-hit Sri Lanka's inflation hits nearly 70pc

October 01, 2022 00:00:00

COLOMBO, Sept 30 (AFP): Sri Lanka's inflation rate hit nearly 70 percent in September for a 12th consecutive monthly record, official data showed Friday after a year of shortages, price hikes and economic misery.

An unprecedented downturn forced the government to default on its $51 billion foreign debt in April and go cap-in-hand to the International Monetary Fund (IMF) for a bailout.

Blackouts, chronic fuel shortages and spiralling consumer costs triggered months of political unrest, ultimately forcing the president to flee the country and resign.

Inflation was up 69.8 percent in September, according to the benchmark Colombo Consumer Price Index (CCPI) -- a rise from 64.3 percent last month and 5.7 percent a year ago.

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